RE: GCB Bank Ltd takes over UT Bank Ltd and Capital Bank Ltd
With reference to the press release on the Bank of Ghana website on Monday the 14th August, 2017 on the above subject, the National Pensions Regulatory Authority (NPRA) wishes to inform trustees who have appointed UT Bank as their Custodian Bank to be rest assured that Pension Funds in custody of the Bank are not affected by the purchase and takeover by the Ghana Commercial Bank and subsequent withdrawals of their license by the Bank of Ghana.
The National Pensions Act, 2008 (Act 766) as amended, has made special provisions for such takeovers in section 209 (1 and 2) as follows:
- "Despite the provisions of any other enactment, pension funds or assets kept with a custodian under this Act shall not be used for the payment of claims of a custodian’s creditors in the event of liquidation of the custodian."
- "In the case of winding up, liquidation or cessation of business of the custodian or any or all of its shareholders, the pension funds or assets in the custody of the custodian shall not be seized or be subject to execution of a judgment debt or from transfer to another custodian."
The Authority wishes to reassure its stakeholders especially Trustees affected by the takeover that the necessary actions are being taken with the various stakeholders to ensure a smooth transition for the benefit of contributors.
The Chief Executive Officer
National Pensions Regulatory Authority
P.O. Box GP 22331 Accra
Kanda Highway - Accra